Analyzing Cash Flows for Value Investing

Introduction

You're valuing companies by cash flow, not hype - focus on FY2025 cash items. Cash is the single best signal of sustainable value. So use FY2025 operating cash flow (OCF), capital expenditures (CapEx), change in working capital (ΔWC), interest expense, and cash taxes as the core inputs for valuation; these cash items show whether reported profit actually converts to owner-ready value. Here's the quick math: FY2025 OCF - CapEx - ΔWC - interest - cash taxes = free cash available to equity holders. What this hides: one-offs, large M&A, or timing shifts in receivables/payables - check cash-flow notes and reconciliations, defintely.

Key Takeaways

• Anchor valuation on FY2025 cash: OCF - CapEx - ΔWC - interest - cash taxes = free cash to equity.
• Extract FY2025 cash metrics (OCF, CapEx split maintenance vs growth, ΔWC, interest paid, cash taxes, leases) and show both GAAP and owner‑earnings FCF.
• Normalize FY2025 for one‑offs, multiyear working‑capital averages, and capitalized vs expensed items (R&D, major maintenance).
• Forecast 5‑year FCFs from FY2025 drivers; compute terminal value (Gordon or exit multiple) and discount with WACC using FY2025 capital structure to get enterprise value.
• Adjust EV for FY2025 net debt/leases/minorities, run sensitivities (±200bps discount, ±1% terminal growth, revenue shocks), and deliver per‑share intrinsic value with margin of safety.

Analyzing Cash Flows for Value Investing

Start with actuals before adjustments

You're valuing companies by cash flow, not hype - start with FY2025 actual cash numbers before any tweaks. One-liner: Start with FY2025 actuals before adjustments.

Go to the FY2025 statement of cash flows and pull the line labeled net cash provided by (used in) operating activities - that is your reported Operating Cash Flow (CFO). Reconcile that CFO to FY2025 net income using the reconciliation table in the cash flow statement: add back non-cash items (depreciation, amortization, stock-based comp) and then apply FY2025 changes in working capital. Watch IFRS vs US GAAP differences: under IFRS interest paid can appear in operating activities; under US GAAP it's typically in financing - so note where interest and taxes are presented for FY2025.

Quick checks: confirm tax paid vs tax expense (cash taxes may lag), identify asset-sale inflows included in CFO, and flag any FY2025 large one-offs (legal settlements, insurance recoveries). Here's the quick math: if FY2025 CFO reported is $1,200,000,000, use that as your starting point before adjustments. What this estimate hides: timing quirks in receivables or payables and classification differences across accounting standards - adjust next.

Pull FY2025 Capital Expenditures and split maintenance vs growth

One-liner: Isolate FY2025 CapEx and split maintenance versus growth spending. Pull CapEx from the investing section of the FY2025 cash flow statement (look for purchases of property, plant & equipment or similar language).

Best practice: reconcile FY2025 gross CapEx to the change in PP&E on the FY2025 balance sheet plus FY2025 depreciation. Then use company disclosures - MD&A or fixed-asset notes - to tag projects as maintenance (sustaining the business) or growth (new capacity, M&A-related). If disclosures are sparse, proxy maintenance CapEx with FY2025 depreciation or historical maintenance ratios (e.g., maintenance ≈ depreciation; if depreciation is $200,000,000 and total CapEx is $300,000,000, estimate maintenance CapEx at $200,000,000 and growth CapEx at $100,000,000).

Practical steps: request CapEx project schedules from the company, check capital commitment notes for FY2025-2026, and tag any one-time facility builds separately. If maintenance is understated, you'll overstate free cash flow - defintely verify the maintenance estimate against physical asset lives and planned resets.

Pull FY2025 working capital, interest, taxes, leases and compute FCF and owner earnings

One-liner: Calculate FY2025 Free Cash Flow (FCF) = CFO - CapEx (GAAP) and then reconcile to owner earnings for economic cash available to owners.

Pull FY2025 changes in working capital from the cash flow statement (or compute ΔWC = ΔAccounts Receivable + ΔInventory - ΔAccounts Payable - ΔOther current operating liabilities). Pull FY2025 interest paid and taxes paid from cash flow footnotes - do not use tax expense or interest expense from the income statement. For lease cash flows, read the FY2025 lease note and the cash flow split: operating lease cash payments typically appear in operating activities; financing lease principal in financing activities. Capture FY2025 cash paid for leases separately and reconcile to right-of-use asset and lease liability changes.

Compute GAAP FCF and owner earnings with a short example: FY2025 CFO $1,200,000,000, FY2025 total CapEx $300,000,000 → GAAP FCF = $900,000,000. If maintenance CapEx estimated at $200,000,000, owner earnings ≈ CFO - maintenance CapEx = $1,000,000,000. Adjust owner earnings for recurring non-cash charges you believe are economically real (add back stock comp $40,000,000) and subtract capitalized R&D treated as growth (convert FY2025 R&D capitalization of $60,000,000 to cash). Here's the quick math and transparency: owner earnings shown = $1,000,000,000 + $40,000,000 - $60,000,000 = $980,000,000. What this hides: timing of tax refunds, vendor prepayments, and one-off cash receipts - flag those separately and document assumptions.

Action: Finance - extract FY2025 CFO, total CapEx and maintenance split, ΔWC schedule, FY2025 interest paid, taxes paid, and lease cash payments; deliver numbers in a single worksheet by Friday.

Normalizing FY2025 cash flows

You're building a valuation that hinges on FY2025 cash, not headline earnings - so remove distortions before you forecast. Quick takeaway: normalize FY2025 cash so your 5‑year DCF reflects run‑rate economics, not one‑off noise.

Adjust for one-offs and non‑recurring cash items

One-liner: Remove noise so forecasts reflect run‑rate economics.

Start by scanning FY2025 cash flow statement, footnotes, and MD&A for items that won't recur: asset disposals, insurance recoveries, litigation settlements, restructuring payouts, large M&A related cash flows, and tax refunds. For each, record the cash amount, date, and whether cash was operating, investing, or financing.

Steps to adjust:

• List each one‑off with amount
• Remove operating one‑offs from CFO
• Move investing one‑offs to CapEx/net proceeds
• Note timing and probability

Best practice: treat anything >5% of FY2025 CFO as material; if a one‑off is probable to recur (similar settlements, cyclical asset sales) model a phased recurrence. What this estimate hides: recurring accounting gains masked as one‑offs.

Normalize working capital to a multiyear run rate

One-liner: Smooth volatile working capital so cash needs mirror business cycles.

Compute FY2019-FY2025 averages for the main components: receivables days, inventory days, and payables days, or simply net working capital (NWC) as a percent of sales. Use the multiyear average (2019-2025) as the normalized ratio and apply it to FY2025 revenue to get a normalized NWC level.

Practical steps:

• Calculate NWC/Sales each year
• Compute the 2019-2025 average ratio
• Normalized NWC = average ratio × FY2025 revenue
• Adjust FY2025 change in NWC to reach normalized NWC

Considerations: if FY2025 had supply‑chain shocks, use a trimmed mean (drop high/low years). If seasonal business, annualize using trailing 12 months. Document assumptions and run sensitivity ±100-200 bps on the average ratio.

Capitalization judgments and material pension, tax, FX cash shifts

One-liner: Convert discretionary spend into comparable cash basis and separately flag structural cash shifts.

R&D and major maintenance need judgment: decide what to capitalize (investment with multi‑year benefit) vs expense (period cost). Practical method: identify FY2025 R&D cash paid, estimate portion that creates durable assets, capitalize by assigning a useful life (3-7 years typically), and replace the FY2025 R&D cash in owner earnings with annual capital spending and amortization impacts.

Steps and checks:

• Tag FY2025 R&D cash paid
• Estimate capitalizable portion
• Choose useful life; amortize
• Classify maintenance vs growth CapEx

Also separately note material pension contributions, cash taxes (actual paid vs reported tax expense), and FX cash flow shifts from hedges or repatriation. For pensions, record FY2025 employer cash contributions and any one‑time plan settlements. For taxes, reconcile deferred tax movements to cash paid. For FX, show realized FX cash gains/losses and whether they will repeat. These items should be listed as adjustments, not buried in operating cash. A quick owner‑level rule: if FY2025 cash effect is >5% of FCF, flag it for scenario analysis - defintely call it out.

Next step: Finance - produce a FY2025 normalized cash worksheet (CFO adjustments, normalized NWC, capitalized R&D, pension/tax/FX cash items) and deliver by Friday.

Forecasting FCF (five-year base plus terminal)

Tie drivers to unit economics and realistic growth caps

You're mapping future cash to real drivers: units sold, price per unit, and market share, then tying those to FY2025 economics. One clear line: tie growth forecasts to how many more units you can sell or how much price you can sustainably raise.

Steps to follow:

• Pull FY2025 actuals: revenue, units, average price, FY2025 gross and operating margins, and FY2025 market size.
• Decompose revenue: Revenue = Units × Price × Share of market. Forecast each element separately - units (organic growth), price (real price increases), and share (competitive gains).
• Link drivers to customer economics: model customer acquisition cost, payback, churn, lifetime value - start from FY2025 cohort metrics.
• Use realistic caps: cap annual volume growth to long-run market CAGR or penetration ceilings (example: if total addressable market grows 3% pa and your FY2025 share is 30%, assume share gains of 0-200 bps pa unless you have clear evidence).
• Document assumptions: for every % of price increase or unit growth, state required support (distribution, price elasticity tests, product roadmap).

Here's the quick math using FY2025 anchors (example): if FY2025 revenue = $1,000m, and you forecast units +5% pa and price +1% pa, revenue year 1 = $1,060m. What this estimate hides: mix shifts, promotions, and macro elasticity - model them separately.

Forecast operating margin and CapEx intensity using FY2025 as the anchor

One-liner: start margins and CapEx ratios at FY2025 levels and change them only with clear, driver-based reasons. Don't conjure margin expansion without matching cost or CapEx plans.

Practical steps:

• Compute FY2025 operating margin = FY2025 operating income / FY2025 revenue; use that as year-0 margin.
• Compute FY2025 CapEx intensity = FY2025 CapEx / FY2025 revenue and FY2025 maintenance CapEx vs growth CapEx split.
• Project operating margin by mapping revenue growth to fixed/variable cost behavior: if revenue grows 10% and fixed costs are 50% of opex, margin expands - show the math.
• Link margin changes to explicit actions: productivity programs, pricing, mix, supply-chain savings. Quantify savings in $ or bps and add to the margin ladder.
• Adjust CapEx to support growth: increase CapEx intensity only when unit growth or efficiency requires it; keep maintenance CapEx roughly flat to FY2025 unless asset base changes.

Example quick math (use FY2025 inputs): FY2025 operating margin 12%, revenue +8% next year, variable costs scale with revenue at 85%, fixed costs fixed in year 1 - implied margin ~12.6%. If you plan a factory adding $50m CapEx in year 2, raise CapEx intensity accordingly. What this hides: timing mismatches between cash spend and accounting depreciation - model cash CapEx schedules, not just P&L depreciation. Also, defintely stress-test covenant-triggering CapEx spikes.

Set terminal growth or use an exit multiple anchored to FY2025 sector comparables

One-liner: choose a terminal assumption that's defendable against long-run growth and FY2025 sector metrics - default to modest real growth or a sector-based exit multiple.

How to pick and justify:

• Gordon growth (perpetuity): set terminal growth between 1.5% and 3%. Prefer 2% for mature US businesses in 2025 unless demographic or technology trends justify higher/lower.
• Exit multiple: use FY2025 sector medians for EV/EBITDA or EV/FCF. Pull FY2025 comps, report median and 25th/75th percentiles, and justify the chosen multiple with business quality differences.
• Compute both and compare: Terminal value via Gordon = FCFn × (1 + g) / (WACC - g). Exit multiple = EBITDA_n × chosen FY2025-based multiple. Reconcile large gaps; if exit multiple implies unrealistically high growth, re-check assumptions.
• Sanity checks: terminal growth < long-run nominal GDP plus productivity (so avoid >3%), terminal value should not dominate discounted cash flows (>75% flag). If it does, extend explicit forecast to 7-10 years for durable franchises.

Example quick math (plug FY2025 anchors): final-year unlevered FCF = $120m, WACC = 8%, g = 2% → terminal value = $1,920m. If FY2025 sector median EV/EBITDA = 10x and EBITDA_n = $200m, exit multiple terminal = $2,000m. What this hides: multiples reflect market mood in FY2025; use conservative band and document why you chose the lower or higher edge. Next step: Finance - prepare FY2025 sector comps and compute both terminal values by Friday (owner: Finance).

DCF mechanics and bridge to equity value

You're converting FY2025 projected free cash flows into a defensible equity price; start by valuing unlevered free cash flow (FCF) to the firm, discount with a WACC built from the FY2025 capital structure, then bridge enterprise value to equity per share.

Discount projected unlevered FCF to present using WACC (compute using FY2025 capital structure)

One-liner: Convert FY2025-anchored unlevered FCF to present value using a WACC that reflects FY2025 market equity value, FY2025 debt, and the FY2025 tax rate.

Step 1 - assemble FY2025 inputs you must pull: FY2025 unlevered FCF for each forecast year, market cap as of a FY2025 close date for the equity market value, FY2025 gross debt and cash to estimate FY2025 net debt, and the statutory or effective FY2025 tax rate for after-tax cost of debt.

Step 2 - compute cost of equity (Ke). Use the capital asset pricing model (CAPM): Ke = risk-free rate + beta × equity risk premium. Pick a FY2025 risk-free rate (10‑yr Treasury yield at your chosen FY2025 date) and a forward-looking FY2025 beta from peers or a 5‑year regression. Example math: if risk-free = 4.0%, beta = 1.1, ERP = 5.0%, then Ke = 9.5%. What this estimate hides: small shifts in the risk-free rate or beta move Ke materially.

Step 3 - compute after-tax cost of debt (Kd). Use FY2025 average interest rate on debt or recent yields on company bonds; then multiply by (1 - FY2025 tax rate). Example: coupon = 5.0%, tax rate = 21%, Kd after tax = 3.95%.

Step 4 - build WACC using FY2025 market weights: E = market cap (FY2025 close), D = market value of debt (use book if market unavailable), total capital = E + D. WACC = Ke × (E/TC) + Kd × (D/TC). Example: market cap = $8.0bn, debt = $2.0bn, Ke = 9.5%, Kd after tax = 3.95% → WACC ≈ 8.6%.

Best practices: use market values when possible, update market cap to the FY2025 reporting date you anchor to, and stress-test WACC ±200 basis points. Note: if leverage changes materially over the forecast, consider a dynamic WACC or unlever/re-lever approach; otherwise anchor to FY2025 structure for consistency.

Calculate terminal value via Gordon growth or exit multiple (justify with FY2025 comps)

One-liner: Use a terminal value that reflects long-run economics - either Gordon growth (perpetuity) or an exit multiple anchored to FY2025 sector comparables.

Gordon growth (perpetuity) steps: pick a terminal year FCF (year 5), apply a long-term growth rate g, then TV = FCF5 × (1 + g) / (WACC - g). Use conservative g tied to long-term GDP or inflation; typical range is 1.5%-3.0%. Example quick math: if FCF in year 5 = $200m, g = 2.0%, WACC = 8.0%, then TV = $200m × 1.02 / (0.08 - 0.02) = $3.4bn. What this estimate hides: a small move in g or WACC compounds massively into TV value.

Exit multiple approach: choose a realistic FY2025‑anchored multiple from comparable public companies (EV/EBITDA, EV/EBIT). Steps: gather FY2025 median and quartiles for the sector, justify selection (growth profile, margin, capital intensity), multiply chosen FY2025 metric by the terminal year projected metric. Example: sector median EV/EBITDA = 10x, projected terminal EBITDA = $350m → TV = $3.5bn. Best practice: show both methods and use the average or a range, and cap implied perpetuity growth by long-run GDP (~1.5%-2.5%).

Practical checks: backsolve implied multiples and g from current market price using FY2025 FCF to test market sanity; discard any terminal assumption that implies perpetual returns above sector norms or exceeds the company's historical reinvestment economics.

Adjust enterprise value for FY2025 net debt, minority interests, and lease liabilities; get per-share intrinsic value and margin of safety

One-liner: Convert enterprise value (PV of FCF + TV) to equity by removing net debt and adding/subtracting FY2025 balance sheet claims, then divide by diluted shares to get per-share value.

Step 1 - compute FY2025 net debt: net debt = short+long-term interest-bearing debt - cash and equivalents (include restricted cash if material). Example: gross debt = $2.0bn, cash = $600m → net debt = $1.4bn.

Step 2 - adjust for minority interests, preferred stock, and lease liabilities. Under IFRS‑16/ASC 842, most operating leases are capitalized as lease liabilities - include FY2025 lease liabilities in the claims against EV. Also add unfunded pensions, subtract capitalized tax assets if realizable. Example: minority interest = $100m, lease liabilities = $300m.

Step 3 - derive equity value: Equity value = Enterprise value - net debt - minority + (subtract/add other claims). Example math: PV of FCFs = $2.1bn, TV = $3.4bn → EV = $5.5bn; less net debt $1.4bn, less minority $0.1bn, plus no other items → equity value ≈ $4.0bn.

Step 4 - per-share intrinsic value: divide equity value by diluted shares outstanding (include options, RSUs pro forma for FY2025 vesting). Example: diluted shares = 100m → intrinsic value ≈ $40.00 per share. Margin of safety: apply target haircut (commonly 20%-40%) and produce buy/sell thresholds. Example: 30% margin → actionable buy price ≈ $28.00.

Final checklist for FY2025 items to verify before publishing a price: confirm market-cap date and share count on the FY2025 close; reconcile debt schedules to cash flow interest paid in FY2025; verify cash tax paid vs deferred tax movement; audit lease liabilities under FY2025 accounting; and check convertibles, warrants, and related-party cash flows. Finance: draft FY2025-based DCF and sensitivity table by Friday, owner Finance.

Risk, sensitivity, and checklist

You're testing a DCF built off FY2025 cash flows and need to pressure-test value under realistic downside paths; run systematic sensitivities, shocks, and a tight checklist so the model holds up in bad states.

One-liner: Run the model against realistic downside scenarios.

Sensitivity analysis around discount rate and terminal growth

One-liner: Vary valuation assumptions and watch how FY2025 cash flows move intrinsic value.

Steps to build the sensitivity table

• Get base inputs: FY2025 unlevered FCF, base WACC, base terminal growth (g).
• Define grid: discount rate = base, base - 200 bps, base + 200 bps; terminal growth = base, base - 1%, base + 1%.
• Compute PV of projected five-year unlevered FCF using each discount rate.
• Compute terminal value either via Gordon: TV = FCFn × (1+g)/(WACC-g) or exit multiple anchored to FY2025 sector comps, then discount to present.
• Enterprise value = PV(FCF) + PV(TV). Equity value = EV - FY2025 net debt ± adjustments (leases, minorities). Divide by diluted shares.

Here's the quick math to fill the table: for each cell, PV = Σ_{t=1..5} FCF_t / (1+WACC_cell)^t + TV_cell / (1+WACC_cell)^5; Equity per share = (PV - NetDebt_FY2025) / SharesDiluted.

Best practices and checks

• Use FY2025 as the anchor year for margins and CapEx intensity so scenario differences reflect assumption moves, not year-to-year noise.
• Flag non-monotonic results - if a small WACC change moves price >30%, re-check cash-flow growth or TV sensitivity.
• Document which comps produced the exit multiples and capture their FY2025 EV/EBITDA or EV/FCF ranges.

Stress tests and covenant & liquidity checks

One-liner: Impose deep shocks and verify the company survives covenant and liquidity gates.

How to run a revenue shock stress test

• Model 20-40% revenue decline in year 1 vs FY2025, then apply FY2025 gross and operating margins to derive EBITDA and CFO under stress.
• Translate EBITDA fall to interest cover and leverage: InterestCoverage = EBITDA_stress / InterestPaid_FY2025; NetLeverage = NetDebt_FY2025 / EBITDA_stress.
• Recompute FCF under stress (CFO_stress - CapEx_stress). If CapEx is discretionary, model a staged cut but show longer-term impact on growth.

Liquidity and covenant checklist (what to measure)

• Cash runway months = (Cash_FY2025 + undrawn revolver) / monthly negative cash burn (post-shock).
• Debt maturities: list FY2025+ maturities by year; identify any >10% of total debt maturing within 12 months.
• Covenant triggers: interest coverage floors, maximum net leverage, minimum liquidity - compute current covenant headroom.
• Contingent drains: scheduled pension contributions, planned acquisitions, tax installments, and material lease expiries.

Operational checks

• Verify FY2025 cash taxes paid and reconcile to tax expense and deferred tax movement.
• Confirm related-party cash flows and one-off receipts/payments in FY2025.
• List capital commitments and multi-year purchase orders that create unavoidable cash outflows.
• Note FX cash reflows and hedge expiries that change cash in FY2026 if rates move.

Red flags: InterestCoverage < 2.0x, NetLeverage spike > covenant cap, or runway < 6 months after a 40% shock. If any occur, model default or equity wipe scenarios and quantify recovery.

Scenarios, probabilities, and price targets

One-liner: Build base, upside, and downside cases tied to FY2025 drivers and convert them to probabilistic price targets.

How to construct scenarios

• Base: growth and margin improvements anchored to FY2025 metrics; use mid-point assumptions from your sensitivity table.
• Optimistic: higher unit growth, modest margin expansion, lower CapEx intensity; justify with addressable market and FY2025 capacity.
• Downside: put FY2025 under a 20-40% revenue hit, margin compression, higher working capital needs, and higher effective tax or interest cost.

Translate scenarios into price targets

• Compute intrinsic value per share for each scenario using the same discount framework.
• Assign probabilities that sum to 100% (e.g., base 55%, optimistic 20%, downside 25%) and calculate expected value = Σ p_i × value_i.
• Set actionable thresholds: consider buy if intrinsic ≥ current price × 1.25 (≥25% margin of safety), hold between 0.9-1.25, sell if intrinsic ≤ current price × 0.9.

Communicate probability drivers and limits: state which FY2025 items would move a scenario (e.g., a permanent FY2025 margin loss of >200 bps moves base→downside).

Immediate task and owner: Finance - produce the sensitivity table (WACC ±200 bps, terminal growth ±1%) and run the 20-40% revenue stress tests using actual FY2025 unlevered FCF, net debt, interest paid, and shares by Friday.

Conclusion and next steps

Turn FY2025 cash facts into a defensible buy/sell decision

You're deciding on a buy or sell using real cash flows from FY2025; treat those numbers as the anchor, not a narrative. One-liner: Cash is the single best signal of sustainable value.

Start by asking three simple questions: do the FY2025 Operating Cash Flow, CapEx, and net debt tell a coherent story about cash generation and capital intensity; are those flows repeatable; what short-term risks could flip them? Use the quick math to sanity-check assumptions: FCF = CFO - CapEx (then reconcile to owner earnings by adding back capitalized R&D or other comparable adjustments). What this estimate hides: timing shifts in receivables, large one-offs, or tax/timing items can make a busy year look stronger or weaker than run-rate.

Action: flag any FY2025 cash items that are one-off, volatile, or non-operational and mark them for normalization in the model-be explicit about why you adjusted each item so the investment committee can follow the logic. Yes, do this every time; it prevents narrative-driven mistakes and defintely saves you from false optimism.

Immediate tasks: extract FY2025 CFO, CapEx, WC, net debt; input into 5-year DCF

One-liner: Pull the facts, then build the model-don't let estimates lead the data pull.

Practical steps to complete today:

• Download the FY2025 cash flow statement, balance sheet, and debt schedule.
• Extract Operating Cash Flow (CFO), total CapEx, change in Working Capital (WC), interest paid, taxes paid, and lease cash flows from the cash flow statement and notes.
• Break CapEx into maintenance vs growth where possible (note methodology in model).
• Compute FY2025 net debt = total interest-bearing debt - cash and cash equivalents (include short-term investments if material).
• Normalize WC by comparing FY2025 to a 2019-2025 average if volatility exists; annotate adjustments.
• Enter a baseline 5-year FCF projection anchored to FY2025 into the DCF template, with cells for unit drivers and margin bridges.

Best practices: timestamp source files, include note-line references for each line item, and keep a change log for every normalization so auditors and PMs can trace your work quickly.

Deliverables, owner, and deadline

One-liner: Produce a reproducible DCF, a clear sensitivity table, and a tight written thesis tied to FY2025 drivers.

Required deliverables:

• 5‑year DCF model anchored to FY2025 actuals with scenario tabs (base/optimistic/downside).
• Sensitivity table varying discount rate by ±200 bps and terminal growth by ±1%.
• Stress test outputs for a 20-40% revenue shock in year 1 and covenant/liquidity impacts.
• One-page written investment thesis tying the valuation to the key FY2025 drivers and listing critical model inputs and assumptions.

Owner and deadline: Finance - draft FY2025-based 5‑year DCF and sensitivity table by Friday. Next step owner: Finance to upload the model and source extracts to the shared folder and notify the investment team for review; PM to schedule a 30-minute review session the following Monday.